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Business, 20.09.2020 14:01 diana6741

An elderly father owns a classic car that was purchased many years ago for $7,500. The father dies and bequeaths the car to his son. At the date that the car was bequeathed to the son, the car was valued at $20,000. A few years later, the son sells the car for $22,500. What is the tax consequence to the son

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An elderly father owns a classic car that was purchased many years ago for $7,500. The father dies a...

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